Ericsson and Rwandan Government collaborate on financial inclusion
May 13 2016 - 4:43AM
- Collaboration to support greater financial and
social inclusion for all Rwandan citizens through new information
technology and software.
- Government of Rwanda enacts clear financial and
payment services policies to create a neutral, interoperable and
viable market place properly supported by the Ericsson Interconnect
Solution
- Rwanda aims to become Africa's first truly
digital economy, leveraging on Ericsson M-Commerce Interconnect for
seamless financial services
Ericsson (NASDAQ:ERIC) and the Ministry of Finance
and Economic Planning for Rwanda have signed a breakthrough
agreement for the launch of a national interoperability switch
based on the Ericsson M-Commerce Interconnect solution. The
solution will enable financial and payments services providers in
the country to connect to one common platform for seamless and
real-time payment transactions. This agreement represents another
step in Ericsson's commitment to building the necessary global
infrastructure for a new open digital economy.
Peter Heuman, VP and Head of M-Commerce for
Ericsson, says: "Africa has been a main driver for innovative
mobile financial services. Ericsson M-Commerce Interconnect
advances existing efforts by seamlessly linking banks, mobile
operators, money transfer organizations, and payment and financial
services providers - making the promise of true financial inclusion
achievable. The work we are doing with the Government and people of
Rwanda on this initiative is imperative for the country and region
and we look forward to continued collaboration with countries
throughout Africa and globally to build upon these important
efforts. "
This agreement supports the Government of Rwanda's
objective to create a digital economy and drive greater financial
and social inclusion for its society and citizens. Ericsson's
Rwanda Interconnect Switch (RIS) will connect financial and payment
services providers within the country and enable end-users to
enjoy, in real time, a range of digital payments possibilities
across all financial platforms and service providers. Further, the
inclusion of informal sectors such as savings cooperatives and
micro finance players in the ecosystem allow previously excluded
citizens to participate in mainstream financial services, thereby
increasing financial inclusion.
Claver Gatete, Minister of Finance and Economic
Planning, Rwanda: "Mobile payment technology has the potential to
advance financial inclusion and help people build savings while
giving government, as well as the private sector, a more
cost-effective, efficient, transparent and safer means of
disbursing and collecting payments. We are happy to be partnering
with Ericsson on this."
Ericsson M-Commerce Interconnect links Rwandan
financial stakeholders to create a real-time, irrevocable financial
transactions processing solution with 24/7 availability. Ericsson
will also lead on-boarding and integration of Rwanda payment
service providers and financial institutions. The Rwanda
Interoperability Switch is expected to be operational by early
2017.
Fredrik Jejdling, Head of Region, Sub-Saharan
Africa, Ericsson, says: "More inclusive mobile financial services
solutions could directly impact the UN sustainable development
goals by increasing economic growth and reducing inequality within
and among countries. This partnership is a great testimonial to how
collaboration between the public and private sector can transform
the financial sector for the better. This deployment places Rwanda
on track to becoming the first truly cashless society in Africa and
we are very pleased to be part of making history on the
continent."
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Ericsson and Rwandan Government
collaborate on financial inclusion
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Source: Ericsson via Globenewswire
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